Highlights Strong Financials 32.18/boe Funds From Operations (FFO) Q4 2021 Top five FFO/boe for Q4 2021 within peer group(1) Exceptional Balance Sheet 15.8 million net debt and 0.2 times Q4 annualized net debt to FFO Top three net debt…
Top Tier Benchmarking Q4 2021 Funds From Operations (/boe) Q4 2021 Net Debt to FFO (Quarter Annualized) GXE 32.18 GXE 0.2x (1) All peer data calculated internally from published 2021 Q3 financial reports. Peer group…
Corporate Information Public Trading Net Debt TSX, OTCQX 15.8 MM Symbol Outstanding Options GXE, GENGF 16.8 MM (6.5% of current shares) Market Capitalization Average Option Strike Price 420 MM (Mar 30, 2022) 0.57 52 Week Share…
Core Areas Lloydminster 48% Heavy oil from multiple Mannville formations 17% Medium oil from Provost and Killam Central Alberta Central Alberta Light Oil 24% Light oil in the Belly River 1,450 boe/d and Cardium formations…
Value Growth Gear has all the ingredients for continued value growth: Exceptional balance sheet, Deep inventory of opportunities, low costs and a proven history of execution Charts compiled using forward strip pricing at March 30,…
Financial Strength Aggressive debt reduction with stable/growing production has been the primary objective since Q1 2020 2021 exit net debt of 15.8 MM is an Forecast 80% reduction from Q1 2020 Forecasted debt reduction into 2022…
2022 Plan 40 MM Capital budget will target investments balanced between high quality production growth, enhanced oil recovery, liability reduction, zero net debt and strategic returns to shareholders With increased focus on light/medium…
Production Summary 2021 production 5,676 boe/d 2022 production forecast of 5,900 6,000 boe/d 2022 expected to provide 4 to 6% annual production growth while delivering material free funds from operations December 2021 and…
Funds From Operations Sensitivity The 2022 budget is estimated to deliver the following results if WTI oil prices average the displayed flat prices from April to December 2022. Actual realized prices utilized for January to March 2022.…
Low Costs Delivered consistent progress in lowering costs since 2015 (excluding 2020) Forecasting over 40% reduction in estimated 2022 total costs as a percentage of revenue (Compared to 2015) Accomplished by reducing debt…
Drilling Inventory Future growth potential across the three core areas Lloydminster MLU Lloydminster SLL Core Areas SE Saskatchewan Central Alberta Multi-lateral unlined Single leg lined Wildmere, Provost, Paradise, Frenchmans…
Waterflood Inventory Gear continues to invest in multiple diverse waterflood opportunities within the core areas Over 8MM has been invested to date at estimated F&D costs of sub 2/bbl (upon full recognition of waterflood reserves by…
Lloydminster Paradise Lindbergh Maidstone MLU Hz Wildmere Capital 1,390 k IP365 80 boe/d EUR 95 mboe Killam SLL Hz Capital 945 k IP365 60 boe/d EUR 65 mboe Provost Hoosier Future inventory of 231 heavy and medium oil…
SE Saskatchewan GXE Drills to date Torquay two-mile Recent Peer drills Capital 3,850 k IP365 130 bbl/d EUR 120 mbbls Future inventory of 67 horizontal light oil locations in the Torquay 1 two-mile well was successfully drilled…
Central Alberta Central Well Capital 2,600 k IP365 170 boe/d EUR 155 mboe Wilson Creek Future inventory of 28 horizontal light oil wells in Wilson Creek Belly River and Ferrier Cardium Two (0.7 net) Basal Belly River wells…
Oil Marketing Diversified liquids production linked to three benchmark price streams With current strong WTI prices, tight differentials and a weak Canadian dollar, realized WCS Heavy Oil pricing in the second quarter of 2022…
Hedging Currently for 2022, approximately 40% of forecasted production has been protected, net of royalties Gear has attempted to maintain significant exposure to upside oil price potential through the use of put spreads and wide 3-way…
Corporate Tax Pools Gear had the following tax pools at year end 2021 December 31, 2021 Tax Pool Summary ( MM) Canadian Oil and Gas Property Expense 130 Canadian Development Expense 196 Canadian Exploration Expense 28…
Gear Team Management Role Prior Experience Ingram Gillmore President & CEO, Director VP Engineering ARC Resources, Talisman Yvan Chretien VP Land VP Land ARC Resources, CNRL Bryan Dozzi VP Engineering VP Business Development Rock Energy…
APPENDIX: Economic Assumptions Economics using flat WTI oil prices at US65, 75 and 85 per barrel, fx of 0.79, WCS differential of 20%, MSW differential of 5% and LSB differential of 5%, all in relation to WTI. AECO gas ranges from 3.68 to…
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